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Beswick leaving SEC chief accountant post

The SEC finds itself looking for a chief accountant for the second
time in less than two years. Paul Beswick is leaving the commission to
enter the private sector, the commission said Thursday.

Beswick was named chief accountant in December 2012 after James
Kroeker left the commission in July of that year. Kroeker now is vice
chairman of FASB. Beswick worked for the SEC for six years, serving as
deputy chief accountant before Kroeker’s departure.

“Paul’s leadership, critical analysis, and sound judgment earned him
the respect and admiration of his colleagues and staff,” SEC Chair
Mary Jo White said in a news release. “He has been an invaluable asset
to our accounting and auditing program. I will miss his wise counsel
and insight.”

Beswick worked on several high-profile initiatives at the SEC:

He was staff director for the SEC’s staff work plan for
considering IFRS.

He advised on the accounting and professional practice
implications of numerous commission initiatives and rules, including
those required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act, P.L. 111-203.

He helped lead the preparation of a congressionally mandated study
on mark-to-market accounting.

He worked closely with the SEC’s Advisory Committee on
Improvements to Financial Reporting.

Beswick will remain with the commission for a transition period
to help maintain continuity in the Office of the Chief Accountant. The
SEC did not disclose where in the private sector Beswick will work next.

“I have truly been fortunate to serve as chief accountant under two
chairs and alongside the talented and highly dedicated staff in the
Office of the Chief Accountant,” Beswick said in a news release.
“Throughout my service at the commission, the staff of the Office of
the Chief Accountant has faced many challenges and opportunities. I
have been continually impressed with how they rise to the occasion in
the interest of investors and the U.S. capital markets. I will miss
the many relationships I have developed throughout the commission
during my service.”

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